AUD review

Quotes from RBC Capital Markets:

-AUD: Construction and wage data were both roughly in line with consensus and recent trends. With the RBA having already eased in February, the forward-looking data (such as business/consumer confidence and investment plans) carry greater weight in the policy debate.

-At the margin, they give more evidence that policy was too tight through 2014, and therefore leave the question open as to whether a 25bps cut and lower exchange rate are enough to see growth pick up in 2015/16. We continue to see a 25bps cut occurring in Q2.